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Exxon Mobil Awarded $908 Million |
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Monday, 2 January 2012An international arbitration panel says U.S.-based Exxon Mobil Corporation should receive nearly $908 million in compensation from Venezuela for socialist President Hugo Chavez government’s nationalization of Exxon Mobil assets.
Exxon Mobil said the International Chamber Of Commerce had determined that the state-owned oil company Petroleos de Venezuela SA "does have a contractual liability to Exxon Mobil.”
The company said the award is for $907,588,000.
The Associated Press says that according to the rules of the International Chamber Of Commerce, its decisions are binding.
No comment from Venezuelan government officials was immediately available.
Exxon Mobil has not publicly revealed how much it was seeking in compensation from Venezuela for the 2007 nationalization of a crude oil project in Venezuela’s Orinoco belt.
The Reuters news agency said Exxon Mobil had sought as much as $10 billion, and Venezuela had earlier offered $1 billion. |
Monday, 2 January 2012
RFERL
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